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650 Fifth Avenue

New York, Italy

650 Fifth Avenue

650 Fifth Avenue (formerly known as the Piaget Building and the Pahlavi Foundation Building) is a 36-story 150 m (490 ft) building at Fifth Avenue and 52nd Street in Midtown Manhattan, New York City. The building was designed by John Carl Warnecke & Associates for the Pahlavi Foundation, an organiza

tion run by the then-Shah of Iran, Mohammad Reza Pahlavi, "to pursue Iran's charitable interests in the U.S.". After the Iranian revolution in 1979, the Islamic Republic of Iran sought to take control of the Shah's property, including the assets of the Pahlavi Foundation, which was renamed the Alavi Foundation. Tenants who leased space at 650 Fifth Avenue included Ivan F. Boesky, the infamous "greed-is-good" Wall Street speculator who was convicted of insider trading in 1987, and Marc Rich, a billionaire oil trader whose invention of the spot oil market made his fortune and changed the world economy. The Alavi Foundation itself has its headquarters in Suite 2406.

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